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AccessBank gets 71% year-on-year growth in deposit base

21 May 2009 14:34 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of April 1, Azerbaijan-based AccessBank posted its assets at AZN 229.790 million, up 62.6% from a year ago.

The bank said deposit portfolio increased by 71% to AZN 23.236 million and loan portfolio rose by 57.3% to AZN 183.174 million.

At the same time, total capital tripled to AZN 46.658 million and authorized capital stock increased by 82% to AZN 20 million.

Revenue rose by 19% year-on-year to AZN 10.279 million and expenditure increased by 10% to AZN 6.773 million. Profit jumped by 40.3% to AZN 3.506 million.

The bank established 6 branhces 3 ATMs and 2 POS terminals over the past one year.

Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September, 2008.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
Besides, the bankâ€™s shareholders are EBRD (20%), IFC (20%), BSTDB (20%), KfW (20%) and LFS Financial Systems GmbH. (2.47%).
The bank has been in operation since 2002. It operates 21 branches, 20 ATMs and 41 POS-terminals.
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